Ross same store sales rise 3 percent in 2013

REPORT_ Ross Stores reported that sales for the 2013 fiscal year totaled 10.230 billion dollars, with same store sales up 3 percent on top of a 6 percent gain in the prior year. Reported earnings per share were 1.02 dollars for the 13 weeks ended February 1, 2014, versus 1.07 dollars for the

14 weeks ended February 2, 2013. Net earnings for the 13 weeks ended February 1, 2014 totaled 218.0 million dollars, versus net earnings for the 14 weeks ended February 2, 2013 of 236.6 million dollars. Sales for the 13 weeks ended February 1, 2014 totaled 2.741 billion dollars, compared to 2.761 billion dollars for the 14 weeks ended February 2, 2013. Comparable store sales for the 13 weeks ended February 1, 2014 rose 2 percent over the 13 weeks ended February 2, 2013.

For

the 52 weeks ended February 1, 2014, the California-based company’s earnings per share grew to 3.88 dollars, up from 3.53 dollars for the 53 weeks ended February 2, 2013. Net earnings for the 52 weeks ended February 1, 2014 totaled 837.3 million dollars, compared to 786.8 million dollars for the 53 weeks ended February 2, 2013.

On the results, Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, “Our fourth quarter sales performed in line with our guidance, with earnings that were slightly better-than-expected primarily due to above-plan merchandise gross margin. For the 2013 fourth quarter, operating margin was 12.7 percent versus 13.7 percent in last year's fourth quarter which included an approximate 65 basis point benefit from the 53rd week.”

Looking ahead, Balmuth said, “As we enter 2014, in addition to our own challenging multi-year sales and earnings comparisons, we also continue to face ongoing uncertainty in the macro-economic and retail climates. While we remain well-positioned as an off-price retailer, these likely headwinds have prompted us to stay somewhat cautious in our outlook.”

For the fiscal 2014 year ending January 31, 2015, the company is forecasting same store sales to grow 1 percent to 2 percent and earnings per share of 4.05 dollars to 4.21 dollars, up from 3.88 dollars in fiscal 2013. For the 13 weeks ending May 3, 2014, comparable store sales are also projected to increase 1 percent to 2 percent with earnings per share forecast in the range of 1.11 dollars to 1.15 dollars, up from 1.07 dollars for the 13 weeks ended May 4, 2013.